Core Insights - The company reported a total revenue of 5.442 billion in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders was 504 million, down 10.52% year-on-year [1] - The company is expanding its overseas market and experiencing significant growth in its cloud platform business, with revenues from smart home products and IoT cloud platform reaching 4.347 billion and 1.052 billion respectively in 2024, showing year-on-year increases of 9.76% and 22.87% [2] - The company's gross margin for 2024 was 42.08%, a decrease of 0.77 percentage points year-on-year, with a net profit margin of 9.26%, down 2.37 percentage points year-on-year [3] - The company is expected to benefit from the upgrade and optimization of the smart ecosystem, with projected net profits of 675 million, 821 million, and 955 million for 2025-2027, reflecting growth rates of 33.9%, 21.7%, and 16.2% respectively [4] Financial Performance - In Q4 2024, the company achieved a single-quarter revenue of 1.479 billion, up 11.05% year-on-year, with a net profit of 129 million, down 20.03% year-on-year [1] - For Q1 2025, the company reported a revenue of 1.38 billion, a year-on-year increase of 11.59%, and a net profit of 138 million, up 10.42% year-on-year [1] - The gross margin for Q4 2024 was 39.95%, down 1.38 percentage points year-on-year, while Q1 2025 saw a gross margin of 42.55%, a slight decrease of 0.18 percentage points year-on-year [3] Product and Market Development - The company is accelerating its smart product layout, expanding into new categories such as smart cameras, smart locks, cleaning robots, and smart wearables, while also enhancing its domestic and international retail channels [2] - The company's ecosystem has evolved into a "2+5+N" structure, transitioning from an IoT cloud platform to a dual-core driven "AI + YingShi IoT Cloud" model, which includes five major AI interaction product lines [2] - In 2024, the company achieved domestic and overseas revenues of 3.487 billion and 1.912 billion respectively, with year-on-year growth of 5.54% and 26.42% [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a total revenue of 5.442 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders decreased by 10.52% to 504 million yuan [1] - The company is expanding its overseas market and enhancing its smart product matrix, focusing on smart home products and IoT cloud platforms, which saw revenue growth of 9.76% and 22.87% respectively in 2024 [2] - The company is expected to benefit from the upgrade and optimization of its smart ecosystem, with projected net profits of 675 million, 821 million, and 955 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 33.9%, 21.7%, and 16.2% [4] Financial Performance - In 2024, the company's gross margin was 42.08%, a decrease of 0.77 percentage points year-on-year, with a net margin of 9.26%, down 2.37 percentage points [3] - The company reported a total revenue of 1.38 billion yuan in Q1 2025, with a year-on-year growth of 10.42% [1] - The company’s operating expenses in Q4 2024 included a sales expense ratio of 16.61%, a management expense ratio of 2.44%, and a research and development expense ratio of 13.18% [3] Revenue Breakdown - In 2024, the company's smart home products generated revenue of 4.347 billion yuan, while the IoT cloud platform contributed 1.052 billion yuan [2] - The revenue from smart home cameras, smart locks, and cleaning robots showed significant growth, with increases of 47.87%, 43.73%, and 265.12% respectively [2] - The company’s domestic and overseas revenue reached 3.487 billion yuan and 1.912 billion yuan respectively in 2024, with year-on-year growth of 5.54% and 26.42% [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 上海证券交易所： 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》和《上海证券交易所 上市公司自律监管指引第11号——持续督导》等有关规定，中国国际金融股份有限公司（以下简称"保 荐机构"）作为正在履行杭州萤石网络股份有限公司（以下简称"萤石网络"、"公司"）持续督导工作的 保荐机构，对公司2024年度持续督导期间（以下简称"本持续督导期间"）的规范运作情况进行了现场检 查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金往来、募集资金使用 情况、关联交易、对外担保、重大对外投资、公司经营状况等。 （六）现场检查手段： 二、现场检查的具体事项及意见 （一）公司治理和内部控制情况 现场检查人员查阅了公司最新的公司章程、公司股东大会及董事会议事规则、会议材料及信息披露管理 制度、募集资金管理等相关制度。 经现场核查，保荐机构认为：本持续督导期内，公司的治理制度完备、合规并得到了有效执行，公司董 事、高级管理人员均能 ...

中国国际金融股份有限公司 关于杭州萤石网络股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关规定，中国国际金融股份有限公司（以下简称"保荐机构"）作为正在履行杭 州萤石网络股份有限公司（以下简称"萤石网络"、"公司"）持续督导工作的保 荐机构，对公司 2024 年度持续督导期间（以下简称"本持续督导期间"）的规范 运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 3、查阅公司募集资金台账、募集资金使用凭证、募集资金专户银行对账单 1 （一）保荐机构：中国国际金融股份有限公司 （四）现场检查人员：王健 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方 的资金往来、募集资金使用情况、关联交易、对外担保、重大对外投资、公司经 营状况等。 （六）现场检查手段： 1、对公司董事、高级管理人员及有关人员进行访谈； 2、查阅公司公告、公司治理文件、重大合同、公司定期报告及重大资金往 来凭证等底稿文件； （ ...

杭州萤石网络股份有限公司 2024 年年度股东大会会议材料 证券简称：萤石网络 证券代码：688475 杭州萤石网络股份有限公司 2024 年年度股东大会会议材料 2024 年 5 月 9 日 四、会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有表 决权的股份总数，在此之后进场的股东无权参与现场投票表决。 五、股东大会推选计票、监票人选，表决结果由计票、监票人员推选代表当 场统计。 | 2024 | 年年度股东大会会议议程··································································· | 3 | | --- | --- | --- | | 2024 | 年年度股东大会会议议案··································································· | 5 | | 议案一：2024 | 年年度报告及其摘要····························································· | 5 | | 议案二：2024 | 年年 ...

中国国际金融股份有限公司 关于杭州萤石网络股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中国国际金融股份有限公司（以下简称"保荐机构"）作 为正在履行杭州萤石网络股份有限公司（以下简称"萤石网络"、"公司"）持续 督导工作的保荐机构，负责萤石网络上市后的持续督导工作，并出具本持续督导 年度跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度，并针对具体的 | 保荐机构已建立健全并有效执行持续 | | 持续督导工作制定相应的工作计划。 | 督导工作制度，并针对具体的持续督 导工作制定相应的工作计划。 | | | 保荐机构已与公司签署了持续督导协 | | 2、根据中国证监会相关规定，在持续督导工作开始前，与 | 议，协议明确了双方在持续督导期间 | | 上市公司或相关当事人签署持续督导协议，明确双方在持续 督导期间的权利义务，并报上海证券交易所备案。 | 的权利和义务，并已报上海证券交易 | | ...

杭州萤石网络股份有限公司 关于股东大会开设网络投票提示服务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688475 证券简称：萤石网络 公告编号：2025-016 特此公告。 杭州萤石网络股份有限公司 董事会 2025 年 4 月 22 日 1 杭州萤石网络股份有限公司（以下简称"公司"）于 2025 年 4 月 12 日披露 了《关于召开 2024 年年度股东大会的通知》，公司拟于 2025 年 5 月 9 日 15:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方 式，具体内容详见公司于上海证券交易所网站（www.sse.com.cn）上披露的《关 于召开 2024 年年度股东大会的通知》（公告编号：2025-013）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日 的股东名册主动提醒股东参会投票， ...

Core Insights - The core viewpoint of the articles highlights the financial performance and challenges faced by Yingzi Network, a company spun off from Hikvision, as it navigates a competitive smart home market while experiencing fluctuations in revenue and profit margins [1][3]. Financial Performance - In 2024, Yingzi Network achieved operating revenue of 5.442 billion yuan, a year-on-year increase of 12.41%, but the net profit attributable to shareholders fell by 10.52% to 504 million yuan, marking the second decline in net profit since its IPO [1][3]. - For Q1 2025, the company reported operating revenue of 1.38 billion yuan, up 11.59% year-on-year, and a net profit of 138 million yuan, reflecting a growth of 10.42% [1]. - The overall revenue growth has been consistent since the company's listing, but the growth rate has been slowing down, with annual increases of 1.62%, 12.39%, 12.41%, and 11.59% from 2020 to Q1 2025 [3]. Product and Market Dynamics - Yingzi Network has expanded its product offerings in the smart home market, including innovative smart cameras, smart locks, cleaning robots, and wearables, but faces intense competition from major players like Xiaomi, Huawei, and traditional appliance manufacturers [1][2]. - The company's reliance on smart home cameras has been a concern, as revenue, sales volume, and gross margin for this product category declined in 2024, with revenue dropping to 2.948 billion yuan, a decrease of 1.38% year-on-year [7]. - Despite rapid growth in other product lines, such as smart entry and service robots, which saw revenue increases of 47.87% and 265.12% respectively, their overall scale remains small compared to the dominant camera segment [7]. Cost and Profitability Challenges - The company's gross margin has shown relative stability, with figures of 36.42%, 42.85%, 42.08%, and 42.55% from 2022 to Q1 2025, but profitability has been inconsistent due to rising expenses [5]. - Research and development expenses increased significantly, reaching 814 million yuan in 2024, with a year-on-year growth of 11.35%, while sales expenses also rose to 858 million yuan, up 26.66% [5]. - The company's operating cash flow saw a drastic decline, with net inflow of only 548 million yuan in 2024, nearly halving from the previous year, and a net outflow of 65 million yuan in Q1 2025 [6]. Investment and Future Outlook - Yingzi Network's investment project for a smart manufacturing base in Chongqing has faced delays, with only 51.53% of the planned funding utilized by the end of November 2024, pushing the project's completion date to December 2025 [6]. - The company continues to face pressure from high operational costs and market competition, which may further impact its profit margins in the future [5][6].

Core Insights - The conference "2025 Smart Home Industry High-Quality Development Conference" was held in Hangzhou, focusing on the theme "Connecting Everything, Empowering the Future" to explore new paths for high-quality development in the smart home industry [1] - The Chinese government has introduced policies to encourage innovation in the smart home sector, emphasizing product interoperability, enhancing smart home product configurations, and establishing unified industry standards [1] - The company,萤石网络, aims to build a comprehensive smart home ecosystem through technological innovation and a diverse product range, focusing on user safety, convenience, health, and comfort [1][4] Product Ecosystem - 萤石网络 has developed a "2+5+N" product ecosystem, concentrating on smart video and visual technology, driven by AI and萤石物联云, featuring five core self-developed AI interactive products [2] - The smart home camera is a key component of the ecosystem, with萤石网络 pushing for upgrades towards visualization, scenario-based applications, interactivity, and intelligence [2] - In 2024, the company will launch the S10 video call camera and the TAMO mobile pet care camera, targeting daily care and emotional communication for the elderly and children, and providing innovative features for pet owners [2] Smart Entry Products - Smart entry products serve as the first point of interaction between users and their homes, integrating audio-visual technology, smart recognition, and AI capabilities into smart locks, doorbells, and intercoms [3] - The company will introduce a self-developed facial recognition video lock in 2024, addressing blind spots in monitoring and enhancing security and convenience for users [3] -萤石网络 is also exploring smart service robots to improve user experience in smart homes, while smart wearables and control products enhance safety and convenience through visual and AI interaction [3] User Data and Market Impact - As of the end of 2024,萤石物联网公有云 has over 190 million registered users, with more than 65 million monthly active users and over 300 million IoT device connections [3] - This substantial user base and device connectivity reflect strong market recognition of萤石网络's products and provide a solid foundation for ongoing service optimization and technological iteration [3] Future Outlook -萤石网络's participation in the conference highlighted its technological achievements and commitment to leading the smart home industry towards high-quality development [4] - The company plans to continue focusing on technological innovation and enhancing its one-stop smart home service system to create new possibilities for smart living [4]

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]